ALBUQUERQUE, N.M. (AP) — The top executives who oversee the parent company of New Mexico's largest electric utility could earn more than $8.6 million in total compensation if they meet their performance goals. New salaries, benefits and incentive pay were approved Tuesday at the annual shareholders meeting for PNM Resources. The Albuquerque Journal reports that the combined compensation is down from about $10 million in 2015 but up from nearly $7.5 million in 2014. PNM spokesman Pahl Shipley says ratepayers are responsible for just a small percent of the executives' base pay. Shareholders pay for all of the incentive-based compensation. On Tuesday, shareholders also voted against climate change-related proposals, including one that would have required the utility to prepare a report on transitioning away from fossil fuels. The utility already has plans to go coal-free by 2031.